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How to stake Polygon (MATIC) in 2024

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Polygon is a framework that enables developers to build blockchains that run Ethereum’s software on custom infrastructure that makes their network cheaper and faster.

These blockchains, called Polygon chains, can be sovereign standalone networks that connect to and transfer data with Ethereum, or secured chains that achieve security by relying on Ethereum’s validators or a pool of professional validators.

Ethereum is the most robust ecosystem in the crypto space, but it is slow and expensive to use. Polygon’s technology aims to solve this problem by making a copy of Ethereum and running it on hardware that makes it faster.

The popular Polygon PoS Chain or MATIC network is a secured polygon chain that relies on a pool of 100 validators to secure the network. This network is also interoperable with Ethereum and has a native token called MATIC.

This page examines MATIC staking in detail including how to stake, where to stake, and why staking MATIC tokens is worth considering.

Frequently Asked Questions

How is staking on a centralised exchange different from a dapp?

On the back end, they are the same. However, centralised exchanges offer higher yields as they have internal mechanisms and volume to stabilise their staking yields. Also, centralised exchanges require you to lock up your tokens for a specified period while decentralised platforms allow you to withdraw funds at will.

How do I stake MATIC with a Ledger wallet?

You can only stake MATIC with the ledger wallet on the Polygon Staking interface. First, you’ll need to connect your ledger wallet to MetaMask, which you can do within the MetaMask interface. After connecting, navigate to the Polygon Staking interface to connect the MetaMask account linked to your Ledger wallet. You can now stake MATIC using the Ledger via MetaMask.

Can I Stake MATIC on the Artbitrum network?

For the time being, you can only stake MATIC on the Ethereum network. The reason for this is that MATIC is built on Ethereum.

What are some other ways to earn yields with MATIC?

Yes, you can lend MATIC tokens on platforms like AAVE for profit. You can also deposit MATIC in cross-bridge pools to facilitate the transfer of tokens from one network to another. For example, the Umbria cross-bridge allows you to send tokens between Ethereum, Polygon, Arbitrum, Binance, and Avalanche by maintaining pools of the same token (MATIC) on all chains. By depositing MATIC in a pool on the Polygon chain, you help Umbria receive a deposit on one chain and remit the same amount of tokens on another chain. Umbria rewards you for doing this.